To seek approval from the Portfolio Holders to agree the freehold sale at Auction of a three bedroom property in Bradfield that is of non-standard construction and requires substantial structural and maintenance work.

(a)     That the disposal of the property in Windmill Road, Bradfield at Auction be approved with the approved guide price and approved reserve price; and

(b)     That the Corporate Director for Planning and Community be authorised to complete the sale on these and any other terms he deems appropriate.

The structure of the property has exceeded its life span, and extensive works would have to be carried out to the structure as well as full refurbishment to bring the property back to a condition suitable to meet the standard for housing stock. In the current condition the property in uninhabitable and unlikely to be mortgageable therefore sale at Auction is most practical.

The Council’s Housing Asset Management Plan notes that a considered approach is taken to disposal of stock that is disproportionately costly to repair or upgrade to an appropriate standard.

The following options were considered and eliminated:

·      Do nothing: the property will continue to deteriorate causing nuisance to neighbours; this will also have a negative impact on the Council’s reputation

·      Repair and refurbish: this has a significant capital cost and resource implications and is disproportionate to a single three-bed property in this area.

·      Demolish and redevelop: this has a significant cost and resource implications, along with likely party wall complications.  The cost of demolishing and rebuilding a single house is significantly more expensive than carrying out a small development of properties where the higher scale can bring down the cost per unit.  In this instance with just a single property, the investment cannot be justified. 

·      To sell the property on the open market via an estate agent: Due to the likely unmortgageable nature of the property, sale in the open market is more complicated, both in finding a purchaser and in showing best value.